— Louisa Heath (based on Future Currency Forecast)
Pair's Outlook
The Aussie closed with gains on Friday, thus providing the necessary confirmation of a falling wedge pattern. Today, the currency continues to appreciate against the Greenback, demonstrating strong upside momentum that pushes the pair towards a resistance cluster at 0.7507/32. It is likely that upside risks prevail in this trading session as well, setting the price target near the weekly PP at 0.7507. In case the RBA statement on Tuesday does not shift the market tremendously, the pair may continue moving north up to the 20-day SMA, at least. Technical indicators, however, remain bearish, anticipating further decline in intermediate term.
Traders' Sentiment
Traders' sentiment is somewhat bullish today, as 53% of open positions are long. In addition, only 49% of pending orders are to buy the Aussie.
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